First Capital Provides Facility to Pet Food Packaging Manufacturer
First Capital announced it provided a $7 million working capital facility to a manufacturer of pet food packaging. The senior credit facility consists of a $6 million working capital revolver collateralized by accounts receivable and inventory, and a term loan in the amount of $1 million.
The company is in the process of rebounding from operating losses and needed to find a lender that understood its turnaround plan.
“The company was under pressure to find a new lender within a short time frame,” stated Nick McDearis, business development officer. “First Capital was able to issue a proposal and close the loan in 60 days.”